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Down the Ratholes of the Future
Down the Ratholes of the Future The new year now upon us has brought out the usual quota of predictions about what 2016 has in store, and I propose as usual to make my own contribution to that theme. I’ve noted more than once in the past that people who make predictions about the future really […]
The zombie apocalypse in oil: Why it’s a bad sign for all of us
The zombie apocalypse in oil: Why it’s a bad sign for all of us The dramatic drop in oil prices has created what are called “zombie” companies, oil companies which can still afford to pay interest on huge debts, but little else. If oil prices stay low, the problem is likely to spread and become an […]
Planet of the Space Bats
Planet of the Space Bats As my regular readers know, I’ve been talking for quite a while now here about the speculative bubble that’s built up around the fracking phenomenon, and the catastrophic bust that’s guaranteed to follow so vast and delusional a boom. Over the six months or so, I’ve noted the arrival of […]
T. Boone Pickens Points The Finger At U.S Shale
T. Boone Pickens Points The Finger At U.S Shale So what do you do when you believe devoutly in hydraulic fracking but also understand that too much fracking is responsible for an oil glut that’s hammering the price of oil like a pile-driver? If you’re legendary Texas oil billionaire T. Boone Pickens, you call for […]
Wall Street Losing Millions From Bad Energy Loans
Wall Street Losing Millions From Bad Energy Loans Oil companies continue to get burned by low oil prices, but the pain is bleeding over into the financial industry. Major banks are suffering huge losses from both directly backing some struggling oil companies, but also from buying high-yield debt that is now going sour. The Wall […]
Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia
Global Shale Fail: Oil Majors Leaving Fracking Fields Across Europe, Asia With some analysts predicting the global price of oil to see another drop, many oil majors have deployed their parachutes and jumped from thehydraulic fracturing (“fracking”) projects rapidly nose-diving across the world. As The Wall Street Journal recently reported, the unconvetional shale oil and gas boom is […]
Wall Street Banks Hit by Oil & Gas Defaults, Bankruptcies
Wall Street Banks Hit by Oil & Gas Defaults, Bankruptcies The fracking boom has been cash-flow negative for oil and gas drillers from the very beginning. The steep decline rates of fracked wells force producers to drill more wells just to keep production and revenues flat, even at high oil prices. They fund this drilling […]
The US Oil Bust Just Got Worse
The US Oil Bust Just Got Worse The price of Oil did today what it has been doing for a while: it waits for a trigger and plunges. As I’m writing this, West Texas Intermediate is down 4.4%, trading at $44.99 a barrel, less than a measly buck away from this oil bust’s January low. […]
Oil Enters New Era as OPEC Faces Off Against Shale; Who Blinks as Price Slides Toward $70? – Bloomberg
Oil Enters New Era as OPEC Faces Off Against Shale; Who Blinks as Price Slides Toward $70? – Bloomberg. OPEC’s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers. The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged […]
